Rawabi – Ma’an – PADICO disclosed its business results and consolidated financial statements for the first half of 2024, with profit attributable to the company’s shareholders amounting to $7.2 million compared to $13.9 million for the same period in 2023, a decrease of 48%.

This decline in PADICO’s profits came as a result of the sharp decline in the Palestinian economy and the cessation of operations in the Gaza Strip in light of the ongoing aggression. It is expected that this decline in the company’s operational performance will continue until the end of this year. The largest decline was recorded in the communications and tourism sectors, as PADICO’s share of the results of its companies operating in these two sectors decreased by $4.6 million, or 38% compared to the same period in 2023.

In terms of financial position, consolidated assets amounted to $726.1 million at the end of the first half of the current year, while consolidated equity amounted to $392.0 million, of which $331.2 million belong to P
ADICO shareholders, and the book value per share amounted to $1.75.

It is worth noting that Palestine Development and Investment Company (PADICO) is a public shareholding company that invests in key economic sectors in Palestine, including communications and information technology, real estate, finance, industry, agriculture, tourism, infrastructure and energy.

Source: Maan News Agency